South Korea's President-elect, Park Geun-hye, used her first major speech on Thursday to warn of the risks posed by a hostile North Korea and also fired a political shot across the bows of Japan's incoming Prime Minister Shinzo Abe.

South Korea’s President Lee Myung-bak says Greece needs to accept the terms of a $130 billion international bailout agreed in March and there will be no disbursement of money from the International Monetary Fund (IMF), unless the country does so.